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LIVEKINDLY Collective Acquires Its Sixth Food Brand: Alpha Foods in California
New York-based LIVEKINDLY Collective, a collection of vegan food brands, acquired Alpha Foods, a plant-based frozen foods producer based in California, on August 1, 2023. This strategic acquisition marks LIVEKINDLY’s sixth food brand acquisition and its first in the United States. The deal enables LIVEKINDLY to increase its U.S. presence.
Transaction Summary
Our Take on the Acquisition
Alpha Foods (target) is one of the fastest growing brands in the plant-based frozen foods category. With this acquisition, LIVEKINDLY Collective (acquirer) enters the ready-to-eat breakfast and burrito snacking category and expands its U.S. distribution capacity. LIVEKINDLY has 200,000+ distribution points across 40+ countries. Distribution points are a point-of-sale metric that helps show retail performance. Broadly, It takes a store’s total sales of all products relative to the sales of all relevant retailers in a given territory – the all commodity volume, or % ACV. And it adds those figures together.
This acquisition widens LIVEKINDLY’s reach in the United States. It will boost the company’s position in the market, moving it toward its goal to become the first major, global plant-based entity. It may also improve operational efficiency and help overcome competition for customers and resources.
The Facts of the Acquisition
- Target: Alpha Foods is a producer of plant-based frozen meals sold in more than 12,000 retail locations throughout the United States. The meals are also distributed through other channels, including the military, colleges, and universities. Alpha has raised USD $40 million from venture capital funding since its founding in 2015.
- Acquirer: LIVEKINDLY Collective was formed in 2020 and has raised USD $535 million to grow globally through acquisitions. It has made six acquisitions, including Alpha Foods, in the plant-based food segment.
The Transaction
| Date: | August 1, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand its distribution and strengthen its reach in the United States |
| Acquirer’s Statement: | David Knopf, CEO of LIVEKINDLY Collective – “In the U.S., Alpha is one of the fastest growing brands in the plant-based frozen food category. The strategic acquisition of Alpha’s assets will allow us to significantly increase our U.S. presence and bring innovative, delicious products to consumers in the U.S. under the Alpha brand. We are confident in the long-term prospect for this dynamic market.” |
Target/Seller: Alpha Foods
Company Information
| Target: | Alpha Foods |
| Website: | eatalphafoods.com |
| Founded: | 2015 |
| Industry: | Food Manufacturing – Vegan Food |
| Type: | Private with venture capital funding |
| Total Funding: | USD $40.4million – over four rounds of funding from venture capital firms |
| Employees: | 45 (Self-published on LinkedIn) |
| Locations: | Head Office: 529 Hahn Ave, Glendale, California, United States |
| Investors: | Blue Horizon Corporation: An agriculture and food-processing sector investor based in Zurich, Switzerland New Crop Capital: A private venture capital firm investing in entrepreneurs whose products or services replace food derived from animal agriculture. The firm is based in Washington D.C., United States AgFunder: A venture capital firm investing in impactful companies that can positively transform the world’s food system. The company is based in California, United States Clear Current Capital: A venture capital firm investing in early-stage plant-based food, cultivated meat, and fermented food companies, and other mission-aligned enterprises. The company is based in Florida, United States AF Ventures: A venture capital firm investing in healthy living-directed consumer brands in the food and beverage and other industries. The company is based in New York, United States Conconi Growth Partners: A venture capital firm helping exceptional entrepreneurs build great companies. The company is based in British Columbia, Canada |
Product Information
| Products: | All-Day Burritos – Protein-packed, plant-based savory ingredients in a flour tortilla wrap rolled shut and served hot Breakfast Burritos – Protein-packed, plant-based morning meals in a flour tortilla wrap rolled shut and served hot Breakfast Sandwich – Seasoned meatless patty, folded plant-based egg, and dairy-free cheese sandwiched between an English muffin Chik’n Nuggets – Crispy and tender meatless chicken nuggets Meatballs – Plant-based chicken meatballs with added basil and garlic Mac’N Cheeze – Macaroni and dairy-free cheese Patties – Meatless sausage plant-based patties Tamales and Wraps: Protein-packed, grab-and-go meals made with plant-based ingredients Strips & Crumble: Grilled, plant-based, tender chicken strips |
| Market Reach: | United States |
Financial Information
| Revenue: | USD $9.6 million (Unconfirmed source: Growjo, a database of the fastest growing companies) |
| Revenue per Employee: | USD $213,333 (i.e., USD $9.6 million / 45 employees = USD $213,333 – estimated based on the self-published number of employees and the revenue from Growjo) |
Did You Know?
U.S. retail sales of plant-based meat alternatives fell 12.6% to USD to $106.8 million in the five weeks ending July 2, 2023 – a 19.8% year-over-year decline – according to data analytics firm Circana. The data covers multi-outlet channels, such as food/grocery and large retail stores, and excludes natural retailers, such as Whole Foods and convenience stores.
Target/Seller Overview: Alpha Foods
Alpha Foods is a producer of plant-based meals – a variety of ready-to-cook or ready-to-eat healthy vegan meals. The company started operations in 2015 and has raised USD $40 million from venture capital firms. Alpha Foods’ products are available throughout the United States in 12,000 retail locations, such as Costco, Sam’s Club, and other regional supermarkets. They are also available through the military, colleges, and universities.
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Explore Your Options NowBuyer/Acquirer: LIVEKINDLY Collective
Company Information
| Buyer: | LIVEKINDLY Collective |
| Website: | thelivekindlyco.com |
| Founded: | 2020 |
| Industry: | Food Manufacturing – Vegan Food |
| Type: | Private with funding from venture capital firms |
| Total Funding: | USD $535 million in its first year |
| Employees: | 470 (Source: Business Wire, a press release distribution company) |
| Locations: | Head Office: 6 Spring Pl, New York City, New York, United States Dutch Weed Burger: Westerstraat 187-2, 1014 MA Amsterdam, Netherlands The Frey Family Food Co.: 8 Ficus Place, Westmead, Durban, KawZulu-Natal, South Africa Like Meat: 6 St Johns Lane, New York City, New York, United States No Meat: The Old Bakery, Victoria Road, Bicester, England, United Kingdom Oumph!: Industrigatan 2, 534 73 Stora Levene, Sweden |
| Investor: | Blue Horizon Corporation: An agriculture and food-processing sector investor based in Zurich, Switzerland Rabo Corporate Investments: The private equity arm of Dutch lender Rabobank Group. The company is based in the Netherlands S2G Ventures: A venture capital firm focusing on investments in food and agriculture industries, Chicago, Illinois, United States The Rise Fund: A private equity firm investing in businesses that are changing the world and supporting the entrepreneurs and visionaries building them. The firm is based in California, United States Volta Circle: A venture capital firm investing in technology-driven startups across three core areas: food systems, circularity, and climate. The firm is based in London, United Kingdom |
Product Information
| Products: | Burger – Made with protein-packed beans Chk’n Nuggets – Crispy and tender meatless chicken nuggets Chk’n patties – Meatless sausage plant-based patties Links – Seasoned mini soy and wheat sausages Mushroom Steak – Mushroom with parsley, onion, and white pepper Pea Protein Grounds – Plant-based mince Sausages – Meatless sausages made with pea proteins, soy, and wheat Kebab – Textured soya protein, barbecue sauce, and seasoning |
| Brands: | Alpha Foods – United States LikeMeat – Germany No Meat – United Kingdom Oumph! – United Kingdom The Dutch Weed Burger – Netherlands The Fry Family Food Co – Australia, South Africa, United Kingdom, United States |
| Market Reach: | 40 countries, including those below, ordered by the largest markets first United Kingdom United States Germany Netherlands Australia South Africa France Thailand Finland Iceland New Zealand Norway Sweden |
Financial Information
| Revenue: | USD $198.3 million (Unconfirmed Source: ZoomInfo) |
| Revenue per Employee: | USD $421,915 (i.e., USD $198.3 million / 470 employees = USD $421,915 – estimated based on the self-published number of employees and revenue from ZoomInfo) |
Did You Know?
More than 50% of global funding to plant-based food companies in 2021 went to U.S.-based companies, according to Earth.Org, an environmental news and data agency. That’s nearly USD $1 billion. Chile was second with roughly USD 245 million, then Australia- and UK-based companies, which received roughly USD $115 million.
Buyer/Acquirer Overview: LIVEKINDLY Collective
LIVEKINDLY Collective was founded by investment firm Blue Horizon Corporation with a vision to make plant-based living the new normal. The group brings together global founders, entrepreneurs, and business leaders to create a robust ecosystem of plant-based brands. The company raised USD $535 million in its first year. It was launched with a USD $200 million founders’ funding round. Another funding round raised USD $335 million, including USD $200 million in new funding plus USD $135 million in capital converted from an earlier round. The latest round of new funding was led by The Rise Fund and joined by Rabo Corporate Investments, S2G Ventures, and existing and additional investors. To date, LIVEKINDLY has achieved growth through acquisitions and believes there is much consolidation required in the plant-based meat alternative producers segment.
Previous Acquisitions
- No Meat (2022) – A meat alternative vegan company based in the United Kingdom
- Dutch Weed Burger (2021) – A meat alternative supplier that makes products from seaweed. The company is based in the Netherlands
- Oumph! (2020) – A plant-based meat brand based in Sweden
- The Fry Family Food Co. (2020) – A plant-based food brand in South Africa
- Like Meat (2020) – A producer of plant-based meat alternative meals in Germany
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Sources
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- Other Sources:
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